The Treasury is preparing to provide indemnity cover worth an estimated £800m for the Bayeux Tapestry ahead of its planned loan to the British Museum in 2025.
The 70-metre embroidery, which depicts the 1066 Norman conquest, will travel from France to London under the Government Indemnity Scheme (GIS), which protects cultural loans against loss or damage without requiring costly commercial insurance.
A Treasury spokesperson said UK museums would face “substantial” premiums without the scheme, which has been in place since 1980 and saves institutions around £81m annually.
The Financial Times reported the estimated valuation at £800m, a figure the Treasury did not dispute.
The British Museum plans to exhibit the tapestry from September 2025 until July 2027 while the Bayeux Museum undergoes refurbishment. It will be the first time the tapestry has been displayed in the UK for nearly a millennium.
The loan has prompted debate in France after some art experts suggested the textile was too fragile to move. French officials have rejected this, saying conservation assessments support the transfer.
The tapestry illustrates 58 scenes involving more than 600 figures and 200 horses, charting the events leading to William the Conqueror’s victory at Hastings and his rise as England’s first Norman king.
As part of the cultural exchange, the British Museum will lend several significant items to France, including Sutton Hoo artefacts and the Lewis chess pieces.